Owning a business requires time, patience and a great deal of effort to ensure its success and longevity. A professional employer organization (PEO) will spend time researching your business needs and deliver a cost-effective plan to meet them. Instead of endless piles of paperwork, staying current with employee regulations and interviewing, you can focus your attention on running your company.
1. What is a PEO?
Professional Employer Organization may be an unfamiliar term, but they are extremely valuable. A PEO provides a variety of services that includes human resources functions, payroll assistance, safety and employment resolutions, regulatory compliance, professional orientation and much more.
2. How can a PEO Benefit Your Business?
- Improve the safety of the workplace environment through seminars and training workshops.
- Oversee worker’s compensation issues and follow-up on injuries or claims.
- Control spending by focusing on their primary duties instead of tedious work.
- Reduce payroll and wasteful accounting expenses.
- Implement and structure human resource services such as company policies, employee handbooks and vacation scheduling.
- Refocus the attention on revenue generating tasks such as sales and marketing strategies to help the company grow and flourish.
- Manage employee health and dental benefits.
- Stay on top of current regulations and compliance in regard to end of the year reports, state laws and filing any necessary documentation pertaining to the guidelines.
3. How will a PEO Improve my Workplace Environment?
In addition to the many benefits a PEO can provide for your business, the remainder of the employees in your workplace will reap just as many rewards through their outsourcing.
- Efficient and timely payroll services – No longer will you have to worry about payroll and getting paychecks out to your employees in a timely fashion. This is part of a PEO’s job and can take the headache out of tallying up regular, overtime and salaried hours for the employees and making sure everyone gets their check when they are supposed to. Managing the correct deductions is just as important when it pertains to insurance, expense and tax related issues.
- Improved employee/employer communication – Proper communication is necessary for any successful business and a PEO can ensure that a company stays on top of important dates such as employee reviews, insurance deadlines and other relatable items.
- Maintain a peaceful environment – A professional and knowledgeable PEO can take all of the worry out of managing a proper business by providing guidance on legal compliance, safety and risk management services for your company.
If you’re company is having trouble staying on task with their benefits, unable to set a budget for monetary compensation to your employees or having issues with human resource maintenance and employee hiring, it may be time to hire a professional employer organization. A PEO can get your business on the road to effective planning and help the company stay focused on growth.
About the Author: Researcher Shelby Warden writes articles to help small business owners reach their goals. Since 1997 Midwest HR has been identifying new, cutting-edge ways to positively affect the bottom line and overall growth of businesses of all sizes. Read their extensive PEO FAQ for more details on how a PEO can help with payroll, tax administration, risk management, worker’s compensation and legal compliance.